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Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
 Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of uncertainty regarding eco-friendly technology adoption which amplified concerns over the technology and fuelling choices on the newbuilding units. Covid-19 restrictions significantly impacted owners’ appetite for new orders, which coupled with the divided view on the long-term technology implementation caused a severe blow on the shipbuilding industry. At the time of writing, both concerns are still present.
Despite worldwide vaccination, the pandemic remains with lockdown restrictions being imposed around the world. In addition, there is no clear view on which type of fuel will be the next generation one, yet with LNG retrofits gaining a bigger market share week by week. However, today the shipbuilding tanker market activity witness a completely different outlook, with the volume of newbuilding contracts emerging w-o-w being significantly strong and the NB values at levels that we last observed back in 2015. With respect to the latter fact, we could agree that the recent spike in steel prices has supported a large part of newbuilding value increases; nevertheless, with the cost for new investments burdening the owner’s capital, it is evident that the appetite for new vessels is strong.
According to our preliminary data, YTD crude carriers contracting activity in dwt terms is estimated at around 9.6 million which is about +47.7% when compared to the same period last year (6.5 million dwt). The majority of orders that have materialized so far this year referred to VLCC units which account for 71% of the total orders (27 of the total tanker contracting activity of 38 units). If buying interest for crude carrier tonnage continues at the same pace it would not be a surprise to see 2021 contracting activity doubling the previous year volumes (around 15.4 million in dwt terms during 2020). Solely for the purpose of comparison, 2019 total contracting activity is estimated at around 19.6 million dwt with January-May 2019 newbuilding volume at 7.45 million dwt, a time period where the Coronavirus pandemic would stand as a science fiction theory.
As far as the asset values are concerned, average prices for VLCC, Suezmax and Aframax units to be constructed at top tier yards are estimated at $95.0M, $63.M, and $50.5 million respectively. A picture is worth a thousand words and that can be evident if we take a closer look at page 6 Indicative Newbuilding Prices table where a comparison with average values of the past 3 years can easily be made. Average prices of all sectors are hovering well below today’s values. Again, for the sake of clarity, 2021 average VLCC, Suezmax and Aframax newbuilding prices stand at $90.0M, $59.5M, and $49.0 million. It remains to be seen, whether Chinese authorities will manage to curb iron ore prices and subsequently steel values. Such a depreciation on the respective commodities will be reflected on newbuilding values as well; however, if China’s exertion in containing steel prices remains unsuccessful newbuilding prices will appreciate further according to the underlying steel inflationary trend.
By Yiannis Parganas,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Central Electricity Authority - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- PTC India Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
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